Fixed Income

November 28, 2017

Ukrainian sovereign Eurobonds were inactive last week as the Thanksgiving holiday in the United States depressed trading activity across all global financial markets. In the Ukrainian reform agenda news, the government replaced the supervisory board of the country’s state-owned energy giant NaftoGaz. The move was welcomed by the European Bank for Reconstruction and Development (EBRD), which is one of the key financial backers of NaftoGaz. The EBRD provided a three-year USD 300mn revolving loan facility to help the company finance its natgas import purchases. The new supervisory board includes independent professionals from the UK, US, Canada and France, who will have their hands full trying to increase the company’s transparency.